11:00 AM EDT, 07/11/2024 (MT Newswires) -- Apple ( AAPL ) iPhone users' intent to upgrade their smartphones has increased following the technology giant's recent Worldwide Developers Conference, a development that's seen as "bullish," BofA Securities said in a note Thursday.

The brokerage said it has "increased confidence" of a multiyear iPhone upgrade cycle due to an aging installed base and the upcoming generative artificial intelligence features that are expected to provide a boost to customers' plans to upgrade their devices.

BofA's global smartphone survey showed that more than 31% of iPhone users still own an iPhone 11 or older, 29% have an iPhone 13, and 13% own an iPhone 12, according to the note.

Customer loyalty towards the company continues to be strong, with 58% of existing iPhone users planning to purchase another iPhone for their next upgrade, compared with 53% for rival Samsung, 38% for Huawei and 31% for Xiaomi, BofA analyst Wamsi Mohan said in the note.

BofA raised its price objective on the Apple ( AAPL ) stock to $256 from $230 while reiterating its buy rating.

Apple ( AAPL ) shares were down 1.7% in recent trading.

Price: 228.92, Change: -4.06, Percent Change: -1.74